The Convention of Conservatism takes into account

Related MCQs

• A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?
• Which accounting concept specifies the practice of crediting closing stock to the trading account?
• Which of the following is not a Real Account?
• According to the money measurement concept, the following will be recorded in the books of account of the business:
• Salary Account comes under which head?
• Which option is selected from Company Info Menu to divide company data into two financial years?
• Which option is used to copy company’s data into pen drive or CD?